Market volatility might shrink an individual’s traditional IRA, but that could be an opportunity. A lower account value means the accountholder can convert to a Roth IRA and pay less tax on the conversion. This short article looks at the timing of a conversion and offers advice on how to stretch out the related tax bill.(view article)
Business partnerships may include situations that give the partners pause. This article explains that in any given year, the partners may have been taxed on more partnership income than was distributed to them. It notes that the cause of this quirk of taxation lies in the way partnerships and partners are taxed.(view article)
For many people, most or all of their federal income tax liability is covered by withholding from their paychecks. But some people have taxable income from sources such as interest, dividends, self-employment income or capital gains. If that’s the case, they may need to make estimated payments to help ensure they’re not subject to an underpayment penalty at tax time.(view article)
On July 4, 2025, President Trump signed into law the far-reaching legislation known as the One, Big, Beautiful Bill Act (OBBBA). The law extends and enhances many tax breaks from the earlier Tax Cuts and Jobs Act (TCJA), includes several of President Trump’s campaign promises, and eliminates some clean energy tax breaks. This article lists many of the highlights of the OBBBA for individuals and businesses.(view article)
For convenience purposes, we have listed below the current amounts of the Section 179 and bonus depreciation limits. As with all tax regulations, there are stipulations and exceptions. Please call us with any planning we can assist you with.(view article)
The federal estate top tax rate is 40%. The Federal estate tax exemption is $13,990,000 for 2025 and will be $15,000,000 for 2026. The exemption for 2024 was $13,610,000. The annual gift exclusion is $19,000 in 2025 and $18,000 in 2024.
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Consistent with the U.S. Department of the Treasury’s March 2, 2025 announcement, the Financial Crimes Enforcement Network (FinCEN) is issuing an interim final rule that removes the requirement for U.S. companies and U.S. persons to report beneficial ownership information (BOI) to FinCEN under the Corporate Transparency Act.(view article)
2025, 2024, and 2023 Pension Plan Limitations & Social Security Wage Base (view article)
We were notified by the Peer Review Committee Reporting Acceptance Body that our most recent triennial peer review report with a pass rating was accepted. A "pass" rating is the highest form of rating a CPA firm can receive.(view article)
President Signs Omnibus Bill; Including Secure 2.0 Act of 2022(view article)
President Signs Scaled Back Reconciliation Bill Into Law
On March 11, 2021, President Biden signed the American Rescue Plan Act of 2021(view article)
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